MHJ - Michael Hill International.

[Lease]

Monday: no sales
Tuesday: no sales
Wednesday: One Prelude $4,699
Thursday: One Prelude $4,699, One Evermore $6,999
Friday: One Solitaire $8,299
Saturday: One Solitaire $10,999
Sunday: One Prelude $4,699

Total Weekly Sales: $40,394. Everyday one or two transactions with two days no sales.

@percy

[Lease]

Based on two quarters trading update, I roughly worked out 1H 2020 EBIT should be $1m more.

Attachment 10947
Attachment 10948
Attachment 10949
Attachment 10950

[golden city]

Competition is still the problem to sort out

[MauroNZ]

It's interesting how many retailers aren't doing well:

https://www.nzherald.co.nz/business/...ectid=12300768

Should we expect the whole retailing to be more challenged?.

[percy]

https://sendy.tarawera.co.nz/l/J6oLV...8mij0CIzQz892Q

[MauroNZ]

https://sendy.tarawera.co.nz/l/J6oLV...8mij0CIzQz892Q

Yes I read that one as well.

[MauroNZ]

Seems a decent result, thoughts?

Key Financial Results
* Statutory net profit after tax increased by 19.6% to $21.4m (FY19H1: $17.9m*).
* Statutory earnings before interest and tax increased by 34.6% to $35.3m (FY19H1: $26.2m*).
* Group operating revenues increased by 4.4% for the half to $329.5m (FY19H1: $315.4m).
* Underlying earnings before interest and tax pre‐AASB 16 increased by 6.9% to $31.6m (FY19H1: $29.6m).
* Group same store sales were up 6.3% at $317.7m (FY19H1: $298.9m).
* Group gross margin reduced to 61.7% (FY19H1: 64.2%), predominantly due to FX and gold price impacts.
* Active inventory management, delivering ~10% reduction to $200.1m (FY19H1: $220.2m).
* Net positive cash position of $0.4m against net debt position of $20.7m at close of FY19H1.
* Interim dividend of AU 1.5 cents per share, unfranked and fully imputed with conduit foreign income.
Operational Performance
* e‐commerce sales on the Michael Hill website (excluding Emma & Roe product) increased by 44.3% to $9.7m.
* Branded collection sales represented 35.4% of total sales for the half.
* FY19 cost‐saving initiatives now annualising across FY20, with the second tranche of $5m savings starting to be
realised in FY20. Additional cost‐out initiatives are also being pursued.
* Loyalty program Brilliance launched online in November 2019, with in‐store launch to follow in FY20H2.
* One Michael Hill store opened (Canada) and three under‐performing stores were closed (Australia) during the
period, giving a total of 304 stores trading at 29 December 2019.

[Lease]

Except gross profit margin dropped, which is well expected, all others are quite good. MHJ have strong capability to execute.

[peat]

looks good but some % gains are exaggerated by extra costs incurred last year
But this shows that they can come back I reckon, and in the meantime yield is acceptable
none held but getting interested again

[Lease]

Operating profit margin now close to 10%, and last year it was only 3.7%. Now MHJ is at net cash position. Impressed.